The cost of capital continues to decline, and the financing demand for securities firms' bond issuance remains subdued.

Jinshi data news on February 13th, on February 12th, Great Wall Securities announced the results of the issuance of the second tranche of short-term financing bonds in 2025, with a face Intrerest Rate of 1.80% for the 1 billion yuan short-term financing bonds in this period. Compared with the Intrerest Rate level of more than 3% in previous years, the financing cost of securities issuance has dropped significantly. A non-bank analyst of securities firms expressed that from the perspective of business development and risk control indicators, the demand for securities firms to replenish capital is not strong. Moreover, the cost of on-exchange funds continues to decline, and issuing bonds is not the most cost-effective financing method. Looking ahead to 2025, Zhao Ran, a non-bank analyst at CITIC Construction Investment, analyzed that in the case of net issuance growth rates of -50%, +50%, and +100%, the total issuance scale of securities firms is expected to be 1,226.7 billion yuan, 1,320.5 billion yuan, and 1,367.4 billion yuan respectively, with corresponding year-on-year growth rates in 2024 of -6.7%, +0.5%, and +4.0%. The scale of debt due for replacement is 1,179.8 billion yuan.